NY supermarket owner surprises employees with partnership
NORTH TONAWANDA, N.Y. (AP) — The 33 full-time employees of a New York supermarket just got a special bonus: Their boss is giving them part ownership of the business.
Frank Budwey says Friday he hopes the move will ensure that the 90-year-old independent market bearing his family name makes it to 100 and beyond.
The 66-year-old will remain the majority stakeholder until he retires and divides his shares among selected employees. Until then, his 33 new partners will split 45 percent and share profits going forward.
Budwey surprised the staff with the news at a mandatory meeting Thursday evening. Some employees say they feared Budwey was announcing he planned to close his store in North Tonawanda, outside Buffalo, or that it was being sold.
Budwey's grandmother opened the original store in 1925.